COVID-19 Detection Kits Market to reach US$ 10.08 Billion globally by 2027, Says CMI

SEATTLE, May 12, 2020 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global COVID-19 detection kits market is estimated to be valued at US$ 3.30 billion in 2020, and is expected to exhibit a CAGR of 17.3% during the forecast period (2020-2027).

Key Trends and Analysis of the Global COVID-19 Detection Kits Market:

Key trends in the market include viral disease outbreaks, the increasing cases of COVID-19 disease, the increasing demand for COVID-19 detection kits, and approvals and launches of new COVID-19 detection kits in the market.

According to the Coronavirus Disease (COVID-19) Situation Report- 106 by the World Health Organization, around 1,566,684 of COVID-19 were reported in Europe on 05 May, 2020, out of which around 190,588 are from the U.K.

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Moreover, an increasing number of approvals of COVID-19 detection kits is expected to drive the market growth during the forecast period. For instance, on April 6, 2020, Co-Diagnostics, Inc., received an Emergency Use Authorization (EUA) by the U.S. Food and Drug Administration (FDA) for its Logix Smart Coronavirus COVID-19 Test, developed for the diagnosis of COVID-19. Furthermore, on May 4, 2020, Co-Diagnostics, Inc., announced that it has received approval from the Mexican Department of Epidemiology (InDRE) to sell its Logix Smart Coronavirus COVID-19 Test in Mexico.

Furthermore, the growing demand for COVID-19 detection kits is expected to drive the COVID-19 detection kits market growth. For instance, on April 20, 2020, Co-Diagnostics, Inc. reported that COVID-19 test sales in the U.S. have continued to increase. The company shipped its Logix Smart COVID-19 test in more than 12 states across the U.S. and has received orders from nearly 50 countries worldwide.

Key Market Takeaways:

• The global COVID-19 detection kits market is expected to exhibit a CAGR of 17.3% during the forecast period owing the rapid spread of COVID-19, the increasing demand for COVID-19 detection kits and approvals and launches of new COVID-19 detection kits. According to the Coronavirus Disease (COVID-19) Situation Report- 106 by the World Health Organization, the number of people infected with coronavirus reached around 211,938 on May 05, 2020, in Italy. 
• North America is expected to hold the largest share in the global market owing to presence of key players in the region such as Co-Diagnostics, Inc, Abbott Laboratories, and Seegene Inc, and the increasing incidence of coronavirus disease. According to the Coronavirus Disease (COVID-19) Situation Report- 106 by the World Health Organization, around 1,154,985 cases of coronavirus disease (COVID-19) were reported on May 05, 2020, in the U.S.

Key players operating in the global human immunoglobulin (pH4) for intravenous injection (COVID-19) market are—

Co-Diagnostics, Inc F. Hoffmann-La Roche AG, Siemens Healthineers AG, Thermo Fisher Scientific, Abbott Laboratories, BGI, Cepheid Inc, BioFire Diagnostics, GenMark Diagnostics, Qiagen, Quidel Corporation, Randox Laboratories Ltd., SD Biosensor, INC., Shenzhen Bioeasy Biotechnology Co., Ltd., and Seegene Inc.

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Market Segmentation:

• Global COVID-19 detection kits Market, By Product Type:
  • RT-PCR Assay Kits
  • Immunoassay Test Strips/Cassettes
• Global COVID-19 detection kits Market, By Specimen Type:
  • Nasopharyngeal swab
  • Oropharyngeal swab
  • Nasal swab
  • Sputum
  • Others
• Global COVID-19 detection kits Market, By End User:
  • Hospitals
  • Diagnostic centers
  • Others
• Global COVID-19 detection kits Market, By Region:
  • North America
    • By Country:
      • U.S.
      • Canada
  • Latin America
    • By Country:
      • Brazil
      • Mexico
      • Argentina
      • Rest of Latin America
  • Europe
    • By Country:
      • Germany
      • U.K.
      • France
      • Italy
      • Spain
      • Russia
      • Rest of Europe
  • Asia Pacific
    • By Country:
      • China
      • India
      • Japan
      • Australia
      • South Korea
      • ASEAN
      • Rest of Asia Pacific
  • Middle East
    • By Country:
      • GCC
      • Israel
      • Rest of Middle East
  • Africa
    • By Country/Region:
      • South Africa
      • Central Africa
      • North Africa

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